Northern Rock mortgage deal ends

saffi

Could someone please advise me regarding the end of my fixed term mortgage with Northern Rock - it's up on 1st September.

I owe £39,000 and need to know if I should go elsewhere. NR have offered SVR of 4.79%. Will the fees of changing outweigh staying with NR or should I look around?

Many thanks
Saffi :rotfl:

Thrugelmir

What is your LTV currently?

saffi

Sorry, not sure what you mean but I owe £39,000 and my property is valued at £170,000 and I am not looking to move, just want to be rid of the mortgage as quickly as possible.

Thanks

saffi

geoffky

oh dear!!!!!

saffi

What do you mean 'oh dear'!!!!!

nzmegs

that's not help ful is it? our fixed deal with NR finsihes on the same day as yours saffi....and we have the same variable rate offer. Rubbish really compared to what is available elesewhere. I also have a BTL mortgage with another lender which is just 1.5% above the base rate, not 4.25% as the NR one is. i am hoping to transfer my own mortgage to my Buy to let lender, but as a self employed person with less than 20% capital it probably won't happen.
saffi - you have a good amount of capital so i expect you will get a mortgage elsewhere easily. I suggest getting a cheap deal where you can and over paying as much as possible. i am no expert tho so i would talk to one to see what you options are.

Thrugelmir

saffi wrote: »

Sorry, not sure what you mean but I owe £39,000 and my property is valued at £170,000 and I am not looking to move, just want to be rid of the mortgage as quickly as possible.

Thanks

saffi

Take a look at FirstDirect. You should be able to reduce your interest by a 2% at least by remortgaging. Though you may need to bank with them as a consequence.

LTV = Loan to Value

So £39k owed owed on a £170k house = 23%.

Which is extremely good. Providing you meet the lending criteria of the lender. You are their dream customer.

Thrugelmir

nzmegs wrote: »

that's not help ful is it? our fixed deal with NR finsihes on the same day as yours saffi....and we have the same variable rate offer. Rubbish really compared to what is available elesewhere. I also have a BTL mortgage with another lender which is just 1.5% above the base rate, not 4.25% as the NR one is. i am hoping to transfer my own mortgage to my Buy to let lender, but as a self employed person with less than 20% capital it probably won't happen.
saffi - you have a good amount of capital so i expect you will get a mortgage elsewhere easily. I suggest getting a cheap deal where you can and over paying as much as possible. i am no expert tho so i would talk to one to see what you options are.

Do you have much equity in your BTL property?